Forbes created and conducted the survey for the Forbes Best in State Wealth Advisors. Award nominees are identified by ranking algorithm is based on industry experience, interviews, compliance records, assets under management, revenue and other criteria by SHOOK Research, LLC. The Forbes Best in State Wealth Advisors. Investment performance is not a criterion. In 2018, 25,732 candidates were considered for the award and more than 2,000 candidates received the award (approximately 8%). In 2019, 6,389 candidates were considered for the award and 250 candidates received the award (approximately 4%). In 2020, 32,000 candidates were considered for the award and more than 4,000 candidates received the award (approximately 13%). The recipient did not pay a fee to participate in the survey. The award may not be representative of any one client’s experience because the rating reflects an average of all, or a sample of all, of the experiences of the advisors’ clients. Receipt of the award is not indicative of future performance.
Financial Planning Magazine created and conducted the survey for Pro Bono Planner of the Year. The award is presented to a financial advisor who has made a leadership contribution to a nonprofit organization by arranging for the group to receive dedicated professional financial services, including pro bono advice and financial life skills.
The Five Star Wealth Manager award, administered by Crescendo Business Services, LLC (dba Five Star Professional), is based on 10 objective criteria: 1. Credentialed as a RIA or a RIA representative; 2. Active as a credentialed professional in the financial services industry for a minimum of 5 years; 3. Favorable regulatory and complaint history review (unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through Five Star Professional’s consumer complaint process); 4. Fulfilled firm review based on internal standards; 5. Accepting new clients; 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. Wealth managers do not pay a fee to be considered or awarded. Once awarded, wealth managers may purchase additional profile ad space or promotional products. The award methodology does not evaluate the quality of services provided and is not indicative of the winner’s future performance. In 2021, 4,069 Boston wealth manager candidates were considered, of which 480 (12%) were named award recipients. 2020: 3,580 considered, 463 (13%) recognized; 2019: 3,619 considered, 566 (16%) recognized; 2018: 2,819 considered, 532 (19%) recognized; 2017: 2,467 considered, 623 (25%) recognized; 2016: 2,530 considered, 632 (26%) recognized; 2015: 3,542 considered, 801 (23%) recognized; 2014: 1,707 considered, 655 (38%) recognized; 2013: 2,362 considered, 713 (30%) recognized; 2012: 2,591 considered, 454 (17%) recognized.